AIRLINK 180.36 Increased By ▲ 6.57 (3.78%)
BOP 11.17 Decreased By ▼ -0.19 (-1.67%)
CNERGY 8.53 Decreased By ▼ -0.11 (-1.27%)
CPHL 100.41 Decreased By ▼ -1.23 (-1.21%)
FCCL 45.96 Decreased By ▼ -0.98 (-2.09%)
FFL 15.81 Increased By ▲ 0.42 (2.73%)
FLYNG 27.89 Increased By ▲ 0.10 (0.36%)
HUBC 142.47 Decreased By ▼ -1.28 (-0.89%)
HUMNL 13.01 Increased By ▲ 0.02 (0.15%)
KEL 4.52 No Change ▼ 0.00 (0%)
KOSM 5.84 Increased By ▲ 0.08 (1.39%)
MLCF 61.90 Decreased By ▼ -0.43 (-0.69%)
OGDC 214.32 Increased By ▲ 2.30 (1.08%)
PACE 5.92 Increased By ▲ 0.45 (8.23%)
PAEL 46.83 Decreased By ▼ -0.24 (-0.51%)
PIAHCLA 17.84 Decreased By ▼ -0.24 (-1.33%)
PIBTL 10.62 Decreased By ▼ -0.24 (-2.21%)
POWER 12.17 Decreased By ▼ -0.09 (-0.73%)
PPL 172.71 Increased By ▲ 1.43 (0.83%)
PRL 36.02 Increased By ▲ 0.14 (0.39%)
PTC 23.26 Decreased By ▼ -0.10 (-0.43%)
SEARL 96.06 Decreased By ▼ -0.90 (-0.93%)
SSGC 41.34 Decreased By ▼ -0.37 (-0.89%)
SYM 14.44 Increased By ▲ 0.29 (2.05%)
TELE 7.38 Increased By ▲ 0.28 (3.94%)
TPLP 10.08 Increased By ▲ 0.12 (1.2%)
TRG 67.90 Increased By ▲ 4.01 (6.28%)
WAVESAPP 10.00 Decreased By ▼ -0.02 (-0.2%)
WTL 1.34 Increased By ▲ 0.01 (0.75%)
YOUW 3.81 Increased By ▲ 0.09 (2.42%)
BR100 12,481 Increased By 33.6 (0.27%)
BR30 38,008 Increased By 88.3 (0.23%)
KSE100 116,776 Increased By 385.5 (0.33%)
KSE30 35,849 Increased By 153 (0.43%)

London stocks rebounded on Monday amid broader gains as investors digested corporate updates and assessed the potential impact of US President Joe Biden quitting the reelection race, while Rentokil surged after a report of takeover interest.

The blue-chip FTSE 100 index was up 0.5%, while the mid-cap FTSE 250 was up 0.3% by 0725 GMT.

Rentokil surged 12.3% to the top of the FTSE 100 after a report said that Philip Jansen, former chief of BT Group, is working on a private equity-backed takeover bid for the pest-control firm. It drove the broader industrial support services sector 2.6% higher, which led gains.

Most sub-sectors trended higher as the market recovered from Friday’s declines.

On the other side, travel and leisure stocks slipped 1%, weighed down by airlines like Wizz Air and IAG Group that fell between 3%-5% after Irish peer Ryanair missed quarterly profit estimates.

Meanwhile, US President Joe Biden abandoned his reelection bid on Sunday and endorsed Vice President Kamala Harris as the party’s candidate to face Republican Donald Trump in the November election.

The S&P 500 and Nasdaq futures edged higher following the news.

All eyes will now be on the gross domestic product and crucial inflation data out of the US, that could shed some more light on the Federal’s Reserve monetary policy path.

London stock market hit by technical glitch

Investors will also parse through corporate earnings in the US and the UK, with companies like Alphabet and EV maker Tesla on the radar.

In London, Entain climbed 4.2% after the sports betting and gaming group said Gavin Isaacs has been appointed as its new CEO, effective Sept. 2.

Ocado jumped 6.3% to top the FTSE 250 after the online supermarket and technology group said its US partner Kroger had placed an order for a wide range of new automated technologies.

Hammerson advanced 6.5% after the shopping centre owner said it has entered into an agreement to dispose its interest in Value Retail to Silver Bidco Limited for an enterprise value of 1.5 billion pounds ($1.94 billion).

Comments

Comments are closed.